Implementing the Consumer Duty in payment firms – A letter from the FCA
February 23, 2023
With only five months before the Consumer Duty comes into force, the FCA has issued a letter to payment firms about the need for them
Category: News
Has your business started planning for the Consumer Duty?
February 3, 2023
The FCA highlights focus areas for firms in implementing the Consumer Duty With only 6 months till the implementation deadline for the Consumer Duty regulation,
Recent changes to the reporting threshold under the UK Suspicious Activity Report (SAR) Regime
January 18, 2023
Last week, the threshold for reporting a Defence Against Money Laundering (DAML SAR) changed from £250 to £1,000 in the UK, relevant to banks, deposit
FCA fines Guaranty Trust Bank (UK) for AML failures – what are the lessons learnt?
January 13, 2023
The Financial Conduct Authority (FCA) has fined Guaranty Trust Bank (UK) Limited (GT Bank) £7,671,800 for serious weaknesses in its anti-money laundering (AML) systems and
The FCA asks for feedback on its Quarterly Consultation Paper
January 12, 2023
The FCA held discussions with regulated firms across different industries since they published the final Consumer Duty rules in July 2022. The watchdog identified a
The FCA updates its Consumer Duty page with some key topics
January 11, 2023
The FCA updated their Consumer Duty page to include additional content on some of the key topics they have been receiving queries on. These include
Number of FCA fines more than doubled in 2022
January 10, 2023
The number of fines issued by the Financial Conduct Authority more than doubled last year, with 26 fines issued in 2022 compared with just 10
EBA publishes guidelines on remote customer onboarding
November 30, 2022
On the 22nd November 2022, the European Banking Authority (EBA) published its final guidelines on the use of remote customer onboarding solutions. These Guidelines set
Financial Promotions under Scrutiny by the FCA
November 25, 2022
The FCA intervened to amend or withdraw 4,151 financial promotions between July and September, the highest since it started publishing the data. According to the
Latest FCA Authorisation Granted to E-money Firm
November 24, 2022
Neopay has supported another e-money client to achieve authorisation from the FCA. Although the process is taking longer, particularly for e-money and payments firms, authorisations